Petrobras to join Oil and Gas Climate Initiative (OGCI)

Petrobras joins the international representation of OGCI

OGCI brings together 10 major oil and gas companies, representing over 25% of global oil and gas production

DAVOS, SWITZERLAND, 25 JANUARY 2018: The Oil and Gas Climate Initiative (OGCI) and Petróleo Brasileiro S.A. (Petrobras) today announced that Petrobras will join the initiative. This commitment is subject to the approval of the OGCI Climate Investments Members’ Agreement by the Petrobras Board of Directors.

The OGCI is the CEO-led grouping of oil and gas companies that intends to lead the industry’s response to climate change, pooling knowledge and collaborating on action to reduce greenhouse emissions. The OGCI’s existing members are BP, CNPC, Eni, Pemex, Repsol, Saudi Aramco, Shell, Statoil and Total.

Petrobras, headquartered in Brazil, is a publicly-held company active in exploration and production, refining, marketing, transportation, petrochemicals, oil product distribution, natural gas, electricity, chemical-gas and biofuel segments. It has a presence in 19 countries and employees around 70,000 people.

Welcoming Petrobras to the initiative, Bob Dudley, chair of the OGCI’s CEO Steering Committee and group chief executive of BP, said: “International and national oil companies have come together in the OGCI to work to reduce greenhouse gas emissions, a key challenge for our industry and the world. Petrobras’s participation will increase the critical mass and momentum of our work and extends our coverage into an important new geography – South America.”

Petrobras CEO Pedro Parente said: “By joining OGCI, one of the industry’s leading initiatives on climate change response, Petrobras renews its commitment to reducing emissions and to a more efficient energy matrix and reinforces its strategic command to be fully prepared for a low carbon world. We are excited to join other OGCI member companies in their efforts to deliver the organisation’s ambitious goals.”

Taken together, oil and gas production by OGCI member companies represents more than a quarter of the world’s oil and gas production.

ABOUT THE OIL AND GAS CLIMATE INITIATIVE:

The Oil and Gas Climate Initiative aims to increase the ambition, speed and scale of the initiatives we undertake as individual companies to reduce the greenhouse gas footprint of our core oil and gas business – and to explore new businesses and technologies.

Launched in 2014, OGCI is currently made up of ten oil and gas companies that pool expert knowledge and collaborate on action to reduce greenhouse gas emissions.